Veeva stock rallies after cloud company's quarterly profit, revenue surpass forecasts

Shares of Veeva Systems Inc. (VEEV) rallied more than 7% in the extended session Wednesday after the cloud-software company focused on life sciences reported fiscal first-quarter earnings and revenue above Wall Street forecasts. Veeva earned $131.5 million, or 81 cents a share, compared with $100.1 million, or 62 cents a share, in the year-ago quarter. Adjusted for one-time items, Veeva earned 91 cents a share. Revenue rose 4% to $526.3 million, the company said. Analysts polled by FactSet expected the company to report adjusted earnings of 79 cents a share on sales of $516 million. Veeva guided for fiscal 2024 revenue between $2.36 billion and $2.37 billion, and adjusted EPS of about $4.59, also topping FactSet consensus. "It was a strong start to the year for Veeva and we are executing well on our goal to power the most critical functions for the life sciences industry," Chief Executive Peter Gassner said in a statement.

-Claudia Assis

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05-31-23 1709ET

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